Technical Reports
Forex technical analysis and forecasts

Progression Of GBP/USD's Long Term Downtrend

Pair’s recoil from 1.2661 edged higher to 1.3038. Trading remains on the upside. According to bullish convergence in daily MACD, the cable formed a medium term bottom at 1.2661. Following pivot points include: (S1) 1.2904; (P) 1.2969; (R1) 1.3092.

Another increase should align 55 day EMA and 1.3212 resistance. Firm resistance from the fibonacci level of 1.3316 should bound upside. Breach of 1.2844 support will confirm ending of recoil and target repeat test of 1.2661 minimum.

The intact medium term recoil from 1.1946 should have ended at 1.4376 after being rejected by 55 month EMA. Considering impulse of the drop from 1.4376, long term downtrend is progressing. Strong breach of 1.3316 should cause firmer recoil for 61.8% retracement at 1.3721. Repeat test of 1.1946 minimum might become the next target.

If you like this post, please share it:

Please rate this post

Your vote is counted. Thank you for the interest

You've already rated this post

Comments (0)

There are no comments yet. Be the first and leave a message.

Add new comment

Success! Thank you for your interest. Your comment will be displayed after moderation.

Trading on the foreign exchange (forex) markets and investing in other financial instruments involves a high level of risk. The high degree of leverage can work against you as well as in your favor. Before opening a trading account, make sure you are fully aware of your financial knowledge and abilities, your analytical and practical trading skills, as well as your own level of risk tolerance and capacity for self-control.

Republication or redistribution of content provided here is expressly prohibited without the prior written consent of SFX Markets. Neither SFX Markets nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.

SFX Markets is a trading name of SFX Global Ltd. registered by FSASVG.